证券研究报告 中国香港股票市场特征与投资者结构分析 ——跨境投资洞察系列之二 证券分析师 郭子睿 投资咨询资格编号：S1060520070003 任书康 投资咨询资格编号：S1060525050001 陈 瑶 投资咨询资格编号：S1060524120003 研究助理 胡心怡 一般从业资格编号：S1060124030069 高 越 一般从业资格编号：S1060124070014 2025年10月10日 请务必阅读正文后免责条款 投资要点 风险提示：港股市场流动性与结构性风险；南向资金流向变动风险；国际资本流动与地缘政治风险。 1 核心观点：中国香港作为全球金融枢纽，其市场结构已深度"内地化"和"新经济化"，并呈现出一定的"低估值"与"高股息"特征。 与此同时，投资者结构正在发生深刻变革，内地资金正成为市场核心的边际定价力量。 市场概览与结构特征：香港交易所是全球领先的金融市场之一，其上市公司总市值稳居全球前列。香港股票市场由主板和创业板构成， 其中港股主板是香港资本市场的核心，在上市公司数量和市值规模上均占据绝对核心地位。内地企业已成为香港股票市场的主要构成者， 截至2025年7月末，上市数量占上市公司总量的5 ...

港股集体回调，截至午间收盘，中证港股通消费主题指数下跌0.9%，中证港股通医药卫生综合指数下跌1.3%，恒生港股通新经济指数、恒生科技指数均下 跌2.5%，中证港股通互联网指数下跌2.6%。Wind数据显示，恒生科技ETF易方达（513010）和港股通互联网ETF（513040）近期持续受资金关注 日,最新规模分别达224.7和53.5亿元,双双创下历史新高。 华泰证券指出，在美联储新一轮宽松周期开启、互联网及科技新一轮进展启动的背景下，港股情绪或仍有进一步改善空间，科技板块或依然处在布 港股新经济指数基本情况跟踪 (2025年10月10日) 恒生新经济ETF 跟踪恒生港股通新经济指数 该指数由港股通范围内、属于 "新经济"行业中市值最大的 50只股票组成,主要包括信息 技术、可选消费、医疗保健行 = 截至午间收盘 该指数涨跌 -2. 5% 该指数 滚动市盈率 26. 8倍 恒生科技ETF易方达 跟踪恒生科技指数 该指数由港股上市公司中与科 技主题高度相关的、市值最大 的30只股票组成,信息技术及 可选消费行业合计占比超90% 截至午间收盘 该指数涨跌 该指数 滚动市盈率 I 发 -2. 5% 24. 6倍 ...

Core Viewpoint - The Hong Kong stock market experienced a pullback after reaching new highs, with the Hang Seng Index and Hang Seng Tech Index both declining. Despite this, there are still optimistic projections for future growth, particularly in the technology sector, which is expected to attract investor interest [1][2]. Market Performance - As of October 8, the Hang Seng Index fell by 0.48% to 26,829.46 points, while the Hang Seng Tech Index decreased by 0.55% to 6,514.19 points. The indices had previously reached new highs on October 2, with the Hang Seng Index peaking at 27,381.84 points [1][2]. - Year-to-date, the Hang Seng Index and Hang Seng Tech Index have increased by 33.75% and 45.79%, respectively [2]. Fund Performance - Several Hong Kong-themed funds have shown outstanding performance, with some achieving returns as high as 155% in the first three quarters of the year. Notable funds include the Huatai-PineBridge Hong Kong Advantage Selected Mixed Fund and the Bank of China Hong Kong Stock Connect Pharmaceutical Mixed Fund, which reported returns of 155.14% and 126.55%, respectively [3][2]. Sector Focus - The innovative pharmaceutical sector has gained significant attention, with the China Securities Index tracking the Hong Kong Stock Connect Innovative Pharmaceutical Index showing a year-to-date increase of 118.52% [3]. - The long-term outlook for the Hong Kong market remains positive, particularly in core areas such as the internet, innovative pharmaceuticals, and medical biotechnology, which are expected to attract capital inflows [3][4]. Investment Strategy - Future investment opportunities in Hong Kong-themed funds are anticipated, especially those focusing on new economy, technology, and innovation sectors. Investors are advised to prioritize reasonably valued assets with clear growth potential and consider a systematic investment approach [4].

回调或由获利了结导致 10月8日，国庆假期最后一天，港股遭遇回调。具体来看，截至收盘，恒生指数、恒生科技指数双双下跌0.48%、0.55%。若 拉长时间至10月以来，港股市场则呈现先扬后抑态势，恒生指数突破年内新高后连续回调。回顾年内，在港股走势表现亮 眼的背景下，多只港股主题基金业绩突出，最高已赚155%。有业内人士指出，未来港股仍有向上空间，科技板块仍将是市 场关注的焦点，板块或呈现"波动上行、龙头领跑"的格局。港股主题基金未来仍具备较好的投资机会，特别是聚焦新经济、 科技和创新产业的基金。 就具体产品看，截至9月末，汇添富香港优势精选混合C类份额和A类份额的前三季度收益率分别达155.14%和155.09%，排 名全市场基金收益第三、四名。同期，中银港股通医药混合发起A/C的收益率也达126.55%、125.48%，排名居前。 值得关注的是，在港股细分板块中，创新药行情的"狂飙"备受关注。仅从市场多只指数基金跟踪的中证港股通创新药指数来 看，据中证指数官网，截至9月30日，该指数年内涨幅已达118.52%。 这一背景下，多家公募旗下的港股创新药ETF或相关被动指数基金的前三季度收益也均翻倍，包括万家中证 ...

【2025年度最活跃投资方揭晓！】毅达资本、奇绩创坛、合肥创新投资、深创投、中科创星等机构上榜 ～从早期孵化到产业深耕，从硬科技到新经济赛道，这些"活跃选手"密集出手，既为创投圈注入活力， 也折射出2025年资本布局的核心逻辑～ 2025年顶级投资机构的"捕猎"名单曝光，他们的钱正流向这里…… 数据截止日期：2025.09.26 ...

Core Viewpoint - The article discusses the transition from a traditional economy to a new economy driven by technology, particularly focusing on the performance of major tech companies and the implications for investment and society [4][8]. Group 1: Declining Traditional Economy - The traditional economy is defined as one built on physical entities, including manufacturing giants and energy companies, which are constrained by physical limitations and regulatory environments [10][12]. - Growth in traditional sectors has stagnated, with U.S. manufacturing worker productivity growing at only 2% annually since 2018, compared to 7% in the tech sector [13]. - In 2022, the digital economy's value added grew by 6.3%, contributing 35% to U.S. economic growth over the past decade [13]. Group 2: Rise of the New Economy - The new economy is characterized by exponential growth potential and a lack of physical constraints, driven by digital technologies and network effects [16][17]. - Companies like Google and Meta benefit from network effects, where increased user numbers enhance service value, creating a self-reinforcing cycle [17]. - AI and automation enable small teams to create significant value, with the potential for "one-person companies" to reach billion-dollar valuations [19][20]. - The cost of adding users in the digital realm is negligible, allowing for global scalability without physical limitations [21]. Group 3: Magnificent Seven as New Productivity Leaders - The "Magnificent Seven" (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla) now account for approximately 34% of the S&P 500 index, up from 12% in 2015 [25]. - In 2023, these companies achieved a collective return rate of 75.71%, significantly outperforming the S&P 500's 24.23% [26]. - The market growth is primarily driven by these tech giants, which have become infrastructure builders in the new economy [30]. Group 4: Implications for Capital Markets and Society - The transition from old to new economy is reshaping social structures and governance models, presenting both opportunities and risks for investors [31][33]. - The concentration of wealth in tech sectors raises concerns about inequality and the loss of traditional jobs [34]. - The emergence of "network states" is predicted, where communities based on shared values may replace traditional nation-states [36].

Core Insights - Multinational operations are essential for large enterprises to engage in international competition and become world-class companies, especially under the challenges posed by the complex external environment and economic globalization since the "14th Five-Year Plan" [1] Group 1: Scale and Growth - The threshold for entering the top 100 Chinese multinational companies has increased from 10.939 billion to 22.173 billion, more than doubling since the "14th Five-Year Plan" [1] - Overseas operating revenue has grown from 6.15 trillion to 9.07 trillion, indicating a significant enhancement in market expansion capabilities [1] Group 2: Structural Optimization - The rise of new enterprises, represented by the "new three types," has expanded the breadth and depth of multinational development, with 15 companies in advanced manufacturing sectors like automotive and renewable energy joining the top 100 by 2025, an increase of 3 from the end of the "13th Five-Year Plan" [2] - The number of companies in modern service industries, such as internet services and logistics, has increased to 6, up by 5 from the end of the "13th Five-Year Plan" [2] Group 3: Business Models - Large enterprises are leveraging their hub and platform advantages to drive cluster development across the entire industry and supply chain, establishing both physical "Chinese industrial parks" and digital "industrial parks" [2] - The integration of "artificial intelligence+" is enhancing the supply chain service system, supporting the robust growth of cross-border e-commerce and facilitating the upgrade from "Made in China" to "Chinese brands" [2] Group 4: Technological and Standardization Advancements - The number of invention patents held by the top 100 Chinese multinational companies has increased from 473,000 to 763,000, a growth of approximately 61%, while participation in standard-setting has risen from 53,000 to 62,000, a growth of about 17% [3] - Leading companies in information technology services are transitioning from participants to enablers and shapers in international digital ecological governance by exporting mature business models and technical standards [3] Group 5: Contributions and Responsibilities - Large enterprises are committed to the principle of "consultation, construction, and sharing," actively taking on social responsibilities and pursuing global win-win outcomes, thereby creating jobs and improving livelihoods in host countries [3] - The process of international cooperation is being strengthened through "hard connectivity," "soft connectivity," and "heart connectivity," contributing to the construction of a community with a shared future for mankind [3] Group 6: Future Directions - Large enterprises face multiple tasks, including expanding the breadth of "going out," deepening "going in," and enhancing "going up" in international competition [4] - Key strategies include strengthening core technology development, resource integration, participation in global rule-making, and deepening localization efforts to respect local cultures and laws [4]

Core Insights - The growth trajectories of Apple, Microsoft, and Google from 2010 to 2025 show a parallel increase in market value, suggesting a unified growth dynamic despite their different business models [2][3] - Balaji Srinivasan posits that the traditional economy is fading while the internet economy is emerging, marking a significant economic shift [6][10] Group 1: Decline of the Traditional Economy - The traditional economy is characterized by physical entities and linear growth, heavily reliant on capital expenditure and regulatory frameworks [11][12][13] - Key sectors like manufacturing and energy are experiencing stagnation, with U.S. manufacturing worker productivity growth at approximately 2% since 2018, compared to 7% in the tech sector [17][16] Group 2: Rise of the New Economy - The internet economy exhibits exponential growth potential and is driven by network effects, allowing companies like Google and Meta to dominate their markets [20][22] - AI enables small teams to create significant value, with the potential for "one-person companies" to reach valuations of $1 billion [25][26] - The cost of adding users in digital services is negligible, allowing for global scalability without physical constraints [27][28] Group 3: Magnificent Seven as New Productivity Leaders - The "Magnificent Seven" (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla) now account for about 34% of the S&P 500's market capitalization, up from 12% in 2015 [31] - In 2023, these companies achieved a collective return rate of 75.71%, significantly outperforming the S&P 500's 24.23% [32] - Their platforms are integral to modern business activities, positioning them as infrastructure builders in the new economy [37] Group 4: Societal and Market Implications - The transition from traditional to new economy is reshaping societal structures and investment landscapes, presenting both opportunities and risks [40][41] - The concentration of wealth in technology sectors raises concerns about inequality and job losses in traditional industries [42] - The concept of "network states" may emerge, where communities based on shared values operate with their own currencies and governance, potentially replacing traditional nation-states [44][45]

在港交所（HKEX）进行IPO（首次公开发行）过程中，发行人及中介机构需应对监管机构、投资者及市场的多重关注，核心围 绕合规性、信息披露、业务可持续性及市场接受度四大维度。以下是具体的关键关注点，按重要性及常见性排序： 一、财务指标与盈利能力：满足上市规则的硬门槛 港交所对IPO申请人的财务状况有明确规定（《上市规则》第8章），不同板块（主板/创业板）及不同测试标准（盈利/市值/收 入/研发投入）的要求差异较大，核心关注： 关注要点： 二、信息披露与透明度："披露为本"是核心原则 港交所强调"以信息披露为核心"，要求发行人充分、准确、及时披露所有重大信息，避免误导投资者。关键关注： 三、公司治理与独立性：确保发行人具备规范的运营体系 港交所要求发行人具备健全的公司治理结构，避免控股股东或管理层损害中小股东利益。核心关注： 四、业务模式与可持续性：尤其是新经济公司的"增长逻辑" 港交所近年来吸引了大量新经济公司（科技、消费、医疗、新能源等），监管层重点关注其业务模式的可持续性及盈利潜力： 科技公司的"护城河"：如专利数量、技术壁垒、用户粘性（如互联网公司的MAU/DAU增长、变现率）； 盈利测试（主板）：最近3 ...

2025.09.25 本文字数：2897，阅读时长大约4.5分钟 作者 |第一财经 王方然 盘中一度突破400元整数关口，总市值超过1.83万亿元，获得"宁王"之称数年后，宁德时代的市值，终 于在9月25日超过了贵州茅台。 9月25日开盘后，宁德时代A、H股强劲拉升，最大涨幅均接近6%，总市值超过贵州茅台数百亿元。收 盘时虽有回落，但市值仍然略高于贵州茅台。 过去短短9天时间里，宁德时代总市值激增了约3100亿元。公开信息显示在整个A股，市值2800亿元以 上的公司，总共也只有45家。分析认为，该股近期大涨，是市场、政策、业绩共同催化的结果。 在业内人士看来，宁德时代市值追上贵州茅台，并非一般意义上的股价波动，而在一定程度上预示着以 新能源、硬科技为核心的"新经济"力量，正在资本舞台上挑战以消费和传统制造为代表的"传统势力"。 盘中市值超越贵州茅台 9月25日早上开盘后，宁德时代A、H股先后开始拉升，A股盘中上涨近6%，突破400元整数关口，触及 402.59元/股高点；H股盘中最大涨幅接近6%，一度上摸535.5港元，双双创下历史新高。 这让宁德时代的市值，一举超过贵州茅台。按盘中最高价计算，该股仅A股的市 ...